📢 Join Us for the PUBLIC LECTURE🎓!
Consumption Sensitivity to Stimulus Payments and Income Nonfungibility

The Faculty of Economics warmly invites all interested participants to join PUBLIC LECTURE

"Consumption Sensitivity to Stimulus Payments and Income Nonfungibility"

🎙Speaker: Kamhon Kan, Ph.D.
Research Fellow, Institute of Economics, Academia Sinica
🗓 Date: Thursday 3 April 2025
⏰Time: 1.30-3.00 PM
📍Venue: Room 512 (Smart Classroom), 5th floor, Faculty of Economics, Chulalongkorn University
⭐️Abstract⭐️
We examined the role of income nonfungibility in modulating consumers’ responses to stimulus payments through a unique stimulus voucher program in Taiwan. This program required a precontribution—an upfront cash payment—that shifted cash-on-hand into a voucher account designated for spending. Our framework suggests this design boosts consumption per dollar of subsidy. This is supported
by our empirical results, which show that income nonfungibility accounts for 40%–equivalent to 10 percentage points–of the marginal propensity to consume out of the stimulus payment. These findings highlight income nonfungibility as a key driver of the sensitivity of consumption to stimulus payments.

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